Oil: Support Remains Below At $97.84. 95.75. 94.46

Riddle me this Batman, “When is a correction not a correction?” Answer, “When it’s correction fluid!”. Well that was a blast from my childhood memories. There’s always something comforting about a rerun. We’ve seen it so many times we don’t feel the need for suspense. Sort of like the correction yesterday. We dipped, but not too far or too fast. We’ve seen this before and we’re comforted with the idea we’re soon headed back up to resistance at 9820, 9988 and 10042. Support remains below at 9684, 9575 and 9446. The front spread fell as we expected and we’re looking to hold –54.

Trends are only for the affected:
No surprise here this morning as the overnight action failed to make a signal on direction. Again, we’re going to play the 10min chart off a range with support holding the 9690 area and the upside resistance ceiling capping at 9770. Back out to the 60min chart and we’re nestled neatly into the uptrend. The sup-port line is away at 9640. The pivot above coincides at the 9770 area. A push through that number will get us on track to test channel resistance at 9910.

Techies, some Trekkies
- 200 Day MA 9094
- 100 Day MA 9052
- 13 Day MA 9604
- 8 Day MA 9671
- 14 Day RSI 68.32

Spread now; Roll later
- Making product month
- Key support: -49, -54, -59
- Key Rests: -43, -37, -32

Gasoline:
RBH3 only knows up. Looks like we just took yesterday in stride. Again, resistance looks at 30414, 30622 and 30848. The support numbers have room back to 30215, 29984 and 29626. The front spread now drifting lower with RBG behind us. We’ll look to –1580, -1634 below. A bounce gets back to resistance at –1520, -1475. The RBCL stays in a range with 3015 above and 2962 below.

Distillate:
HOH3 doesn’t see much change either. We catch resistance at 31248, 31440 and 31612. The support numbers come together at 31057, 30938 and 30800. The front spread continues to fail. Below 116 we get to 108 and 95. Upside may make a run, but not likely to see resistance at 129, 143. The HOCL seems elevated with resis-tance at 3390, 3424. Support returns to 3333, 3294.